Calgary, Alberta--(Newsfile Corp. - October 16, 2024) - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") is pleased to report revenues for the Company from the sale of stockpiled copper, gold and silver mineralized material at the Bull River Mine ("BRM") project near Cranbrook, BC. During the month of September 2024, the Company trucked 879 dry metric tonnes ("dmt") of sorted mineralized material to New Afton and the Company received a provisional payment of approximately USD$179,000 for the September 2024 shipments. The mineralized material sent to New Afton graded 2.89% Cu, 0.79 g/t Au and 23.4 g/t Ag.
The Company continued to crush and screen the surface stockpile using a larger crushing and screening plant throughout the month. As of October 5th, 2024, the contractor had completed crushing and screening of the remaining material from the original 180,000 tonne surface stockpile. To-date the Company has shipped approximately 4,000 tonnes of mineralized material to New Afton under the Ore Purchase Agreement ("OPA"). Currently the Company has approximately 80,000 tonnes of coarse material that is available for sorting through the Steinert KSS 100 ore sorter prior to shipping to New Afton. There are approximately 36,000 tonnes of rejects from the ore sorting process that are being stockpiled on surface as an initial feed for the BRM mill. Rejects continue to grade between 0.4% Cu and 1.0% Cu. Hence all rejects can be economically processed in future at the BRM once the Company has received permission to restart the mill. Additionally, the Company has stockpiled approximately 60,000 tonnes of fines material that is too fine to be sent to the sorter. Fine material is expected to grade at 1.39% copper, 0.29 g/t gold and 11 g/t silver representing the average run of mine material in the original surface stockpile. The cut off grade ("COG") for milling copper mineralized material at the BRM that is already on surface is 0.4% Cu. Hence both the rejects and fines have sufficiently high enough grade to provide an economic feed to the BRM mill in future. Should metal prices continue to improve, the Company may send a portion of the fines to New Afton to generate additional revenues in the near term.
Ian Berzins, President and CEO of CCMI commented, "Revenues from September 20024 are the second highest monthly total since we implemented the OPA in January 2024. We greatly appreciate the safe and efficient operation of the crushing and screening plant by Tyalta Industries Inc. during processing of the surface stockpile."
Qualified person
CCMI's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Gary Low P.Geo., who serves as a Consultant to the Company and is a Qualified Person under the definition of National Instrument 43-101.
About Canadian Critical Minerals Inc.
CCMI is a mining company primarily focused on two near-term copper production assets in Canada. CCMI's main asset is the 100% owned Bull River Mine project (>135 million lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. CCMI also owns a 30% interest in the Thierry Mine project (>1.3 billion lbs of copper) near Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel, silver, palladium, platinum and gold.
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.
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